Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation
通过估计一个动态银行模型，量化了银行市场势力对货币政策通过银行传导至借款人的影响，发现其作用与银行资本监管相当，且在联邦基金利率低于0.9%时，市场势力与资本监管相互作用导致货币政策效果逆转。
ABSTRACT We quantify the impact of bank market power on monetary policy transmission through banks to borrowers. We estimate a dynamic banking model in which monetary policy affects imperfectly competitive banks' funding costs. Banks optimize the pass‐through of these costs to borrowers and depositors, while facing capital and reserve regulation. We find that bank market power explains much of the transmission of monetary policy to borrowers, with an effect comparable to that of bank capital regulation. When the federal funds rate falls below 0.9%, market power interacts with bank capital regulation to produce a reversal of the effect of monetary policy.